Negative inflation data pushes the US dollar to fall by more than 1.00%

Tuesday, November 14, 2023 - 19:12
Point Trader Group

The US dollar index witnessed a strong decline during trading today, Tuesday. The index reached its lowest level since the middle of last September, due to it being affected by the negative data of the annual consumer price index (inflation) in the United States issued a short while ago, in addition to the strong decline in US bond yields during trading.

In terms of trading today, Tuesday, the US dollar index (which measures the performance of the US currency against a basket of six other foreign currencies) suffered strong losses due to negative inflation data last October, which prompted it to record a sharp decline of 1.10%, or about 1,176 points, to reach... The level of 104.488 points, which is its lowest level since the middle of last September. Below we explain the most important factors affecting the dollar’s decline during transactions:

Negative consumer price index data in the United States during last October, which was released a short while ago, caused the US dollar to fall strongly during trading, as it strengthened expectations of the possibility that the US Federal Reserve will continue to temporarily stop raising interest rates in the upcoming meetings, which pushed the dollar index to fall strongly during... Today's transactions.

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